Much has been made of how far
commercial real estate values fell from the onset of the Great Recession in 2007. The fall inflicted significant damage on properties purchased and financed at the peak of the market.
Currently, more than 200 of the individual office properties purchased or refinanced in 2007 and on which the loans were subsequently pooled into commercial mortgage backed securities have loan balances larger than their most recent value. Here, as identified by CMBS servicers, are the 15 loans with the largest current loan to value ratios.
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Information for these lead listings was provided by Trepp LLC, an industry leader in providing surveillance data on loan and commercial real estate performance underlying the CMBS market.
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. | Property | Address | SqFt | Cur. LTV | Orig. LTV | Most Recent Value | Cur. Loan Bal. | Paid Thru Date | CMBS; Special Servicer |
. | Cotton Corporate Center Office | 4645 E. Cotton Center Blvd., Phoenix - Mesa, AZ | 116,858 | 1575 | 74 | $1,270,000 | $19,953,649 | 11/8/2012 | MS 2007-IQ16; C-III |
. | 1025 Old Country Road | 1025 Old Country Road, Westbury, NY | 206,482 | 587 | 75 | $4,600,000 | $27,000,000 | 3/11/2009 | CS 2007-C1; LNR |
. | Onyx Building | 29777 Telegraph Road, Southfield, MI | 261,468 | 459 | 70 | $3,900,000 | $17,900,000 | 1/1/2011 | BofA 2008-1; CWCapital |
. | 500 North Meridian | 500 N. Meridian St., Indianapolis, IN | 436,187 | 445 | 80 | $9,271,649 | $33,313,482 | 12/1/2011 | MS 2007-IQ14; C-III |
. | Presbyterian Plano Medical Office | 6020 W. Parker Road, Plano, TX | 197,004 | 411 | 80 | $13,400,000 | $54,570,683 | 1/1/2013 | GE 2007-C1; LNR |
. | 655 Engineering | 655 Engineering Drive, Norcross, GA | 73,587 | 396 | 80 | $2,500,000 | $9,900,000 | 6/1/2011 | BofA 2007-3; LNR |
. | 2500 Building | 2500 NW 79 Ave., Doral, FL | 99,655 | 377 | 76 | $3,000,000 | $11,300,000 | 1/1/2013 | Citi 2007-CD4; CWCapital |
. | Woods End Office Park | 25, 37, & 49 Kessel Court, Madison, WI | 66,578 | 306 | 80 | $2,090,000 | $6,395,000 | 9/1/2010 | MS 2007-IQ14; C-III |
. | National Plaza I, II, III | 999, 1000 & 1111 Plaza Drive, Schaumburg, IL | 390,744 | 303 | 79 | $13,200,000 | $40,050,000 | 5/6/2009 | GS 2007-GG10; CWCapital |
. | 100 Challenger | 100 Challenger Road, Ridgefield Park, NJ | 149,092 | 288 | 56 | $5,900,000 | $17,000,000 | 2/1/2012 | BS 2007-TOP26; C-III |
. | Discovery Office | 920, 1002 and 1014 E. Algonquin Road, Schaumburg, IL | 135,000 | 287 | 84 | $3,700,000 | $10,600,000 | 11/11/2011 | LB-UBS 2007-C7; Midland |
. | First Financial Centre | 700 N. Water St., Milwaukee, WI | 147,799 | 284 | 71 | $3,350,000 | $9,190,105 | 2/1/2012 | JPM 2007-CIBC19; LNR |
. | Security Square | 250 Second St. SW, Winter Haven, FL | 40,681 | 283 | 80 | $1,500,000 | $4,163,961 | 8/1/2011 | CMLT 2008-LS1; LNR |
. | Pavilion Medical Center-Carolina Beach | 1328 N. Lake Park Blvd., Carolina Beach, NC | 22,298 | 273 | 71 | $1,640,000 | $4,401,469 | 4/1/2009 | BofA 2007-5; C-III |
. | Energy Park Place & Energy Park Drive | 1400-1410 Energy Park Drive and 1350-1380 Energy Lane, St. Paul, MN | 190,334 | 271 | 80 | $6,000,000 | $16,250,000 | 1/1/2011 | GS 2007-GG10; CWCapital |
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